Roche (ROG) BofA Global HC Conference London presentation summary

Financial performance and outlook

• Achieved high single-digit growth in both Pharma and Diagnostics divisions in Q2 2024, with no significant COVID-19 impact.

• Core operating profit increased by 11% to CHF 11,293 million, driven by higher sales and effective cost management.

• Sales grew by 5% at constant exchange rates, with core operating profit margin rising to 38.2%.

• 2024 outlook confirmed: mid single-digit sales growth and core EPS growth broadly in line with sales.

• Dividend expected to further increase in Swiss francs.

Portfolio and growth drivers

• Young portfolio, including Vabysmo and Phesgo, delivered strong growth; Polivy is on track for blockbuster status.

• Recent US approval for PiaSky in PNH; inavolisib in HR+ breast cancer with PDUFA date set for November 27, 2024.

• Young portfolio (launched since 2015) now represents a significant share of Pharma sales.

• Multiple new molecular entities (NMEs) and late-stage pipeline assets expected to drive growth beyond 2025.

• Key upcoming launches and readouts in oncology, neurology, immunology, and diagnostics.

Strategic initiatives and events

• Updated Group and Pharma strategies to be presented at Pharma Day on September 30, 2024.

• Focus on five priority therapeutic areas and defined diagnostics strategy.

• Digital health efforts include partnerships with tech companies and integration of generative AI.

• Operational excellence initiatives include product development optimization and Diabetes Care integration.

• Multiple investor and scientific events scheduled for 2024, highlighting data readouts and strategic updates.